Aug 1, 2017, 3:05 PM
News Code: 82617548
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Total agreement approved: Government spokesman

Tehran, Aug 1, IRNA – Iran's supreme committee of monitoring oil resources has approved overwhelmingly the agreement with Total, an Iranian senior official said on Tuesday.

'According to the petroleum act, the reference who is qualified to give opinion on oil agreements is the supreme committee of monitoring oil resources,' Iran's government spokesman Mohammadd Baqer Nobakht added in his last press conference in the 11th government's term of office.

Iran’s National Oil Company (NIOC) on July 3 signed a multi-billion-dollar agreement with an international consortium, headed by the French oil giant, to develop the phase 11 of the South Pars gas field.

The plan is aimed to reach a maximum and sustainable production of 2 billion square feet of oil sour gas from the off-shore resources in the phase 11 of the gas field South Pars, and to transfer it to the mainland.

The $4.8 billion agreement, after implementation, would add 2 billion square feet to Iran production capacity in the gas field which the country shares with Qatar.

The sureme committee of monitoring oil resources, formed in 2011, is composed of Minister of Petroleum, President Deputy for Strategic Planning and Control, Minister of Economic Affairs and Finance, Head of Central Bank, Parliament (Majlis) Committee of Energy, and that of Plan, Budget and Audit, Prosecutor-General, National Iranian Oil Company Managing Director, and one of the Petroleum Minister's deputies.